Industrial Alliance Insurance and Financial Services Inc.

Canada's fourth-largest life and health insurance company, providing a variety of financial services and products.

CCI Score

-22.73

0.01% April 18

Latest Event

Insurance Industry Political Donations Influence Election Outcomes

Industrial Alliance Insurance and Financial Services Inc., as part of the broader insurance industry, is implicated in the political contributions that are shaping election dynamics. The industry’s donations, which have notably favored Republican candidates, raise concerns about the promotion of policies that may undermine democratic processes and contribute to authoritarian practices.

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ACCOMPLICE

Industrial Alliance Insurance and Financial Services Inc. is currently rated as an Accomplice.

-20 to -29 CCI Score

These companies profit from authoritarian practices through their business dealings. Although they may not be directly enforcing oppressive policies, their actions contribute to the economic and operational sustenance of authoritarian regimes.

Latest Events

SEP

24

2024

Insurance Industry Political Donations Influence Election Outcomes
-37.80

Industrial Alliance Insurance and Financial Services Inc., as part of the broader insurance industry, is implicated in the political contributions that are shaping election dynamics. The industry’s donations, which have notably favored Republican candidates, raise concerns about the promotion of policies that may undermine democratic processes and contribute to authoritarian practices.
-40

Political Contributions and Lobbying Efforts

March 24

The article highlights that the insurance sector has significantly contributed to political campaigns and lobbying efforts, favoring one party in a way that may support authoritarian tendencies. This political maneuvering, as seen in substantial donations and steady lobbying practices, exacerbates concerns about corporate complicity in political influence and aligns with broader patterns of undermining democratic processes.

Insurers, trade groups seek influence via donations in divisive election
MAY

30

2024

FSRA Enforcement Action Highlights Compliance Failures
-54.91

Ontario's FSRA imposed penalties on Industrial Alliance Insurance and Financial Services Inc. for failing to ensure its agents were properly licensed, reflecting significant shortcomings in its business practices and ethical responsibility.
-60

Business Practices and Ethical Responsibility

March 24

Industrial Alliance Insurance and Financial Services Inc. was penalized by FSRA for failing to maintain an adequate system to ensure that its agents were licensed, resulting in significant consumer protection issues. This enforcement action underscores serious lapses in business practices and ethical responsibility, damaging trust and potentially contributing to systemic regulatory failures. Such deficiencies can indirectly support authoritarian practices by undermining accountability and fair oversight.

FSRA takes enforcement action to better protect life and health insurance consumers
MAY

09

2024

Annual Report on Forced Labour and Child Labour in Supply Chains – Supplier Audit and Policy Updates
59.14

In its 2023 Annual Report, Industrial Alliance Insurance and Financial Services Inc. detailed its proactive measures to assess and mitigate the risks of forced labour and child labour in its supply chains. The report outlines initiatives such as mapping tier one suppliers, updating the Supplier Code of Conduct, and providing targeted training on modern slavery compliance. While these measures are a positive step towards ethical supply chain management, further work is required to expand the assessment to additional supplier tiers.
+60

Supply Chain Ethics

March 24

Industrial Alliance has initiated a mapping exercise of its tier one suppliers to identify risks related to forced labour and child labour. This reflects a proactive approach to supply chain ethics by sending questionnaires and updating policies such as the Supplier Code of Conduct. However, the mapping is still in its initial phase and does not yet cover services suppliers or extend beyond the first tier.

PDF 2023 Annual Report on Forced Labour and Child Labour in Supply Chains
+70

Labor Relations and Human Rights Practices

March 24

The report outlines significant steps in enhancing labor relations and human rights practices. The company has updated its Human Rights Statement, Code of Business Conduct, and Anti-Discrimination policies, along with providing targeted training for directors and key employees. This demonstrates a strong commitment to upholding labor rights, even though these measures are in the early stages of implementation.

PDF 2023 Annual Report on Forced Labour and Child Labour in Supply Chains
APR

26

2024

FSRA Enforcement Order and Settlement on Agent Licensing Violations
-36.27

Industrial Alliance Insurance and Financial Services Inc. faced a regulatory enforcement order from FSRA for failing to independently verify the licensing status of its insurance agents. Reliance on inaccurate information provided by its managing general agency enabled unlicensed sales and led to a $115,000 penalty.
-40

Business Practices and Ethical Responsibility

March 24

Industrial Alliance demonstrated deficient business practices by relying solely on its partner's licensing data without independent verification. This failure allowed unlicensed sales to occur, leading to significant regulatory penalties. Such oversights not only undercut consumer protection but also reflect poorly on ethical business operations, potentially weakening institutional trust and democratic accountability.

FSRA Enforcement order, Minutes of settlement, 26-04-2024
DEC

22

2023

Neglecting Supply Chain Human Rights Oversight
-43.80

The Forbes article criticizes companies for failing to adequately address human rights abuses within their supply chains, highlighting issues such as forced labor, child labor, and wage exploitation. This lack of due diligence in managing supply chain ethics can indirectly support systems of oppression and authoritarian practices, as companies unwittingly contribute to widespread human rights violations.
-50

Supply Chain Ethics

March 24

The article emphasizes that many companies do not monitor human rights practices adequately within their supply chains, resulting in conditions that may involve forced labor, child labor, and other abuses. This omission not only undermines worker rights but also indirectly supports authoritarian economic practices. For a company like Industrial Alliance Insurance and Financial Services Inc., even peripheral supply chain oversights or indirect investments in such areas could reflect significant ethical lapses in business practices.

Human Rights In The Supply Chain: Can We Learn From Our Mistakes?